Posts

How Likely Are You to Get an Appraisal Waiver? Hint: Not Very :)

WHY WE REFUSED REFINANCES IN 2020 This is a quick aside but a reminder that we stopped accepting refinance applications in 2020. It cost us millions in lost revenue but we did so anyway because we wanted to make sure we could maintain our service levels for purchase business. This is because we knew that […]Read More

Do Homebuyers in California Need An Appraisal For The Home They’re Buying?

The Short Answer: Unless you plan on paying all cash for your new property, you will likely need a home appraisal in California.  But “appraisal waivers” are becoming increasingly common now for certain types of financing and we explain why below. Why do I need an appraisal? A home appraisal in California is used to […]Read More

Fires, Hurricanes, Appraisals & Delays; Agent Resource Guide

In Friday’s Blog, I mentioned how we were losing Appraisal or Property Inspection Waivers (PIWs) b/c of the fires in NorCal, but I made an error. Underwriters are not always requiring full appraisals in lieu of PIWs in fire areas; in most cases they are just requiring simple inspections, with no value attributed, that certify […]Read More

No Appraisal Waivers In Fire Areas; Pest Reports Must Be Under 90 Days Old; Pre-Approvals Can Take 3+ Hours

Here are a few quick updates/reminders. APPRAISAL WAIVERS – NO MAS IN “FIRE AREAS” (Re-inspections too) We have been getting far more appraisal or property inspection waivers (PIWs) over the last few months b/c Fannie, Freddie and lenders in general have relaxed their appraisal standards b/c of COVID and b/c more and more past appraisals […]Read More

Why We Say A $2 Million Home Is Worth $999,000; Best Month Ever For Mortgage Rates

“PIWs” REIGN SUPREME “PIW” stands for Property Inspection Waiver or an Appraisal Waiver. We are getting more of them than ever before, making both refinances and purchases faster, easier and cheaper. We are getting them more often now b/c Fannie and Freddie loosened their guidelines in response to the COVID-19 crisis and b/c more and […]Read More

Why Do You Need A Home Appraisal For A Refinance?

  Home appraisals are a valuable tool for homeowners who are pursuing a refinance. Refinance appraisals are used to assess a home’s value, determine the limits of cash-out refinancing, and establish how risky lenders will view the loan Homeowners should consider getting their home appraised in the process of refinancing because it helps protect their […]Read More

COVID-19/Mortgage Industry Update

Here are a few reminders and key updates that are warranted (despite some repetition) b/c the overall situation remains so fluid and b/c we are still getting so many questions. MORTGAGE INDUSTRY REMAINS OPEN Most lenders remain open and fully operational and are still funding and recording loans (with most team members working remotely), as […]Read More

DANGER! Appraisal Waivers Can Disappear!

I recently blogged about the increasing occurrence of Appraisal Waivers. If a particular property is already in Fannie Mae’s or Freddie Mac’s database, it could be eligible for an Appraisal Waiver, meaning no property inspection or appraisal will be required. Some lenders are offering to check for possible appraisal waiver status for particular properties for […]Read More

Appraisal Waivers More Common Now; Here’s Why

Prior to 2016, every mortgage required an appraisal.  That changed, however, in 2016 when Fannie Mae started to offer “Property Inspection Waivers” or “PIWs.” In 2017, both Fannie and Freddie started to offer PIWs for both refi’s and purchases. I blogged about this in early 2018, pointing out two things: PIWs are less common than […]Read More